Iraq on track to be world's 4th-largest oil contributor by 2030

The Majnoon oil field in Iraq. Photo: Hussein Faleh/AFP/Getty Images

Iraq is projected to be the third-largest contributor to global oil supply growth between now and 2030, adding roughly 1.3 million barrels per day if circumstances align, according to a new International Energy Agency report.

The big picture: That potential output rise would bring Iraq's total production to almost 6 million barrels per day in 2030, making it the world's 4th-largest producer.

But, but, but: It depends on factors including sufficient water supplies for injection into reservoirs, attracting foreign capital, and a "conducive political and security environment," IEA said.

Where it stands: "Iraq’s oil sector has navigated well a very turbulent period in the last decade, managing to nearly double its output despite the war against [Islamic State] and large swings in the oil price," the report notes.